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"The case has been settled and the agreement has been signed. We are thrilled for Katie and her family and are excited to watch as she embarks on the next chapter of her life," Holmes' lawyer Jonathan Wolfe told People and E! News in a statement.

Wolfe went on to thank "Tom’s counsel for their professionalism and diligence that helped bring about this speedy resolution." Details of the agreement were unclear.

Bert Fields, Cruise's longtime attorney said in a statement that "Tom is really pleased we got there, and so am I."